Forecast: Passenger Cars in Use in South Africa

The number of passenger cars in use in South Africa has exhibited consistent growth from 2013 to 2019, with annual increases ranging from 1.02% to 4.08%. However, a significant decline of 15.75% was observed in 2020, likely due to the COVID-19 pandemic. The market rebounded quickly in 2021 with a 16.13% rise, continuing to grow steadily thereafter, with a 1.36% increase in 2023. As of 2023, there are 7.17 million units in use. The Compound Annual Growth Rate (CAGR) over the past five years stands at 1.08%, indicating moderate growth.

Future trends to watch for include:

• Technological advancements such as electric and autonomous vehicles.
• Government policies promoting sustainability and reducing carbon emissions.
• Economic factors impacting consumer spending and automotive purchases.

The predicted 5.54% growth over the next five years suggests continued but gradual expansion of the passenger car market in South Africa.